GSG vs. ZSC
GSG (iShares S&P GSCI Commodity-Indexed Trust) and ZSC (USCF Sustainable Commodity Strategy Fund) are both Commodities funds. GSG is passively managed, while ZSC is actively managed. Over the past year, GSG returned 38.52% vs 29.78% for ZSC. Their 0.21 correlation means their historical movements had little consistent relationship. GSG charges 0.75%/yr vs 0.59%/yr for ZSC.
Performance
GSG vs. ZSC - Performance Comparison
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Returns By Period
In the year-to-date period, GSG achieves a 35.21% return, which is significantly higher than ZSC's 6.53% return.
GSG
- 1D
- -2.68%
- 1M
- 9.90%
- 6M
- 27.47%
- YTD
- 35.21%
- 1Y
- 38.52%
- 3Y*
- 13.26%
- 5Y*
- 14.69%
- 10Y*
- 8.24%
- ALL TIME*
- -2.27%
ZSC
- 1D
- 0.57%
- 1M
- 1.08%
- 6M
- 5.38%
- YTD
- 6.53%
- 1Y
- 29.78%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 1.55%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $17.98M | $16.40M | $25.53M | |
| $3.38K | $12.27K | $12.49K |
GSG vs. ZSC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 35.21% | 5.93% | 8.52% | -6.70% |
ZSC USCF Sustainable Commodity Strategy Fund | 6.53% | 28.43% | -14.39% | -10.63% |
Correlation
The correlation between GSG and ZSC is 0.32, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.32 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2023 | 0.21 |
The correlation between GSG and ZSC shifts across timeframes, from 0.21 (all time) to 0.32 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GSG vs. ZSC — Risk / Return Rank
GSG
ZSC
GSG vs. ZSC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares S&P GSCI Commodity-Indexed Trust (GSG) and USCF Sustainable Commodity Strategy Fund (ZSC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GSG | ZSC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.74 | ||
| Sortino ratioReturn per unit of downside risk | -0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.44 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.06 | 3.89 | -1.83 |
| Martin ratioReturn relative to average drawdown | 6.61 | 9.62 | -3.01 |
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Drawdowns
GSG vs. ZSC - Drawdown Comparison
The maximum GSG drawdown since its inception was -89.62%, which is greater than ZSC's maximum drawdown of -26.49%. Use the drawdown chart below to compare losses from any high point for GSG and ZSC.
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Drawdown Indicators
| GSG | ZSC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.62% | -26.49% | -63.13% |
Max Drawdown (1Y)Largest decline over 1 year | -18.81% | -7.69% | -11.12% |
Max Drawdown (3Y)Largest decline over 3 years | -18.81% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -29.12% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -57.64% | — | — |
Current DrawdownCurrent decline from peak | -59.18% | -5.33% | -53.85% |
Average DrawdownAverage peak-to-trough decline | -63.67% | -14.18% | -49.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.85% | 3.10% | +2.75% |
Volatility
GSG vs. ZSC - Volatility Comparison
iShares S&P GSCI Commodity-Indexed Trust (GSG) has a higher volatility of 8.75% compared to USCF Sustainable Commodity Strategy Fund (ZSC) at 3.26%. This indicates that GSG's price experiences larger fluctuations and is considered to be riskier than ZSC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GSG | ZSC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.75% | 3.26% | +5.49% |
Volatility (6M)Calculated over the trailing 6-month period | 22.27% | 8.15% | +14.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.37% | 12.84% | +11.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.89% | 12.18% | +10.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.07% | 12.18% | +9.89% |
GSG vs. ZSC - Expense Ratio Comparison
GSG has a 0.75% expense ratio, which is higher than ZSC's 0.59% expense ratio.
Dividends
GSG vs. ZSC - Dividend Comparison
GSG has not paid dividends to shareholders, while ZSC's dividend yield for the trailing twelve months is around 1.64%.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 0.00% | 0.00% | 0.00% | 0.00% |
ZSC USCF Sustainable Commodity Strategy Fund | 1.64% | 1.75% | 2.18% | 1.40% |
Frequently Asked Questions
GSG and ZSC have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GSG has higher volatility (8.75%) compared to ZSC (3.26%). In terms of maximum drawdown, GSG dropped -89.62% vs ZSC's -26.49%.
On 1-year performance, GSG leads with 38.52% vs 29.78% for ZSC. On fees, ZSC is cheaper at 0.59% per year. On volatility, ZSC has been the lower-risk option at 3.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, GSG has performed better with a 38.52% return vs 29.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ZSC is cheaper with a 0.59% expense ratio, compared with 0.75% for GSG.
ZSC has the higher dividend yield at 1.64%, compared with 0.00% for GSG.
They also come from different issuers: iShares and USCF. Their fees differ too: 0.75% for GSG and 0.59% for ZSC.
ZSC currently has the higher Sharpe Ratio (2.33 vs 1.59), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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